The Nov. 3 decision to float the currency was pivotal in helping Egypt secure a $12 billion International Monetary Fund loan, though it also caused inflation to surge above 30 percent.

As for the first quarter of the year, every walk of life performed well, the MOEA said. The forecast for 2017 remained the same as the one made available in January, but the estimate for 2018 increased in 0.2 percentage point.

"Growth is projected to rise to 2.6 percent in 2017 and 3.5 percent in 2018, largely driven by specific factors in the largest economies, which faced challenging macroeconomic conditions in 2016", it said.

"(But) that data release has come after our forecast was closed.

The IMF said it expected the U.S. economy to grow 2.3 percent, up from 1.6 percent in 2016; the 19-country eurozone to expand 1.7 percent, the same as previous year; Japan to grow 1.2 percent, up from 1 percent; and China to expand 6.6 percent, down from 6.7 percent in 2016.

"Growth picked up in the United States as firms grew more confident about future demand.Growth also remained solid in the United Kingdom, where spending proved resilient in the aftermath of the June 2016 referendum in favour of leaving the European Union (Brexit)", the International Monetary Fund said.

The country's consolidated budget showed a deficit equivalent to 2.41% of the projected GDP a year ago, compared to 1.47% of GDP in 2015, according to finance ministry data. As for growth in 2018, Brazilian analysts project a high of 2.5 percent.

Maurice Obstfeld, economic counsellor for the IMF, said: "Mainly in advanced economies, several factors-lower growth since the 2010-11 recovery from the global financial crisis, even slower growth of median incomes, and structural labour market disruptions-have generated political support for zero-sum policy approaches that could undermine worldwide trading relationships, along with multilateral cooperation more generally".

Since taking office in January, US President Donald Trump has pursued several protectionist policies, abandoning the Trans-Pacific Partnership and pushing a 'buy American, hire American' rhetoric.

The IMF forecasts that growth will remain strong in China and many other commodity importers, with activity also projected to pick up "markedly" in emerging markets and developing economies.

The fund also reiterated its view that trade is crucial to the economy, noting that "With persistent structural problems - such as low productivity growth and high income inequality - pressures for inward-looking policies are increasing in advanced economies". The IMF upgrades Australian GDP to 3.1 percent for 2017, from 2.5 percent in 2016, and at 3 percent for 2018.